| Nigel Williams, Editor at the Guyana Times,Cheap Sports Jerseys, is expected to appear in court before Justice Roxanne George-Wiltshire, on Monday to answer questions pertaining to articles published about Guyana Stores and National Industrial and Commercial Investments Limited.The matter is currently “sub judice”.Nigel WilliamsAs the matter continued yesterday Head of NICIL, Winston Brassington, was again called to testify in the High Court. Brassington was questioned yesterday by his lawyer Rafeek Khan about whether he had discussions with Mr. Yassin and his advisors,Wholesale Jerseys Free Shipping, Mr. Luckhoo and Mr. Ram.Brassington said that those terms of reference were negotiated with Mr. Ram and they had several meetings at which we agree on the Terms of Reference. Brassington also said that he believed that letters were received from Mr. Ram on the matter.Mr. Brassington said that he believed that they had written communication from Mr. Luckhoo,NBA Authentic Jerseys, but most of them were dealt with by Mr. Yassin. He added that most of these matters were dealt with after June 2000 leading up to the agreement in October 2000 – the period when NICIL was seeking to conclude the final agreement which is the Share Sale Agreement.He was asked if Mr. Yassin had raised any question about the franchises for example the Fisherman’s Friend Agreement or any other Agreement that may have existed?Brassington replied, “I do not recall”.The witness was further questioned about what he had told Mr. Luckhoo whether the imminent privatization of Guyana Stores Limited was impacting on the sales of the Company, since there were some restrictions placed on the Company. Brassington was then asked if there were those restrictions and why.Mr. Brassington, in reply, said that those restrictions went back to 1999 because GSL was up for privatization, and that it could not engage in any major capitalization. Management, therefore, was trying to hold things together until the privatization of the Company.He added that there was negative publicity when the announcement of the buyer was made, coupled with the Union’s push for the payment of severance even though only shares in the Company were being sold.Brassington said that in 1999, NICIL began to fund GSL to pay severances to any employee who wanted to leave, up to one year after privatization.He said that while it cost NICIL a lot of money, in order to keep the Unions satisfied both sides had to give that option to the employees of GSL.Also, he said, they were trying to maintain the position of the Net Current Assets where they wanted it to be and as a result GSL could not make any long term decisions.Rafeek Khan then drew Mr. Brassington’s attention to a letter from Mr. Maniram Prashad. Counsel reminded Mr. Brassington that when he was shown that letter, he remarked that the letter was partly justified, but did not address the broader problem of delay.Mr. Brassington said that in the second quarter of 1999, NICIL had entered into a deposit agreement and that agreement should have been concluded by the end of that year.Mr. Prashad’s letter, he pointed out, was written in August of 2000 and in the last paragraph of page 1,Fernando Rodney Jersey, speaks of the delay and the depletion of the financial resources of the Company.NICIL and the Government of Guyana are suing the Guyana Stores Limited (GSL) majority shareholder, Royal Investments Inc,Artemi Panarin Jersey, to recoup monies claimed following the privatization of the company.NICIL/the Privatisation Unit moved upon claims that GSL failed to pay an outstanding balance of US$2 million of the purchase price of US$6 million for the acquisition of GSL. The matter was subsequently called up before the High Court in the latter part of 2010.According to NICIL, under the terms of the privatization agreement, the balance was due by September 2002; however,http://www.airmaxfantasy.us.com/574-New-Balance/, Royal Investments Inc, (GSL) which acquired 70 per cent of the company shares in the sale, failed to make this payment.In June 2004, NICIL, the government holding company, initiated legal action against Royal Investments Inc for the recovery of the US$2 million plus interest. |
